Case 5 - Ford

PRICE (Dollars per room) 500 450 400 350 300 250 200 150 Demand Graph Input 1001 Market for Big Winner's Hotel Rooms Price 300 (Dollars per room) Quantity 200 Demanded (Hotel rooms per night) Demand Factors Average Income 50 (Thousands of 100 dollars) 50 Airfare from YYZ to 200 LAS 0 (Dollars per 0 50 100 150 200 250 300 350 400 450 500 roundtrip) QUANTITY (Hotel rooms) Room Rate at Lucky (Dollars per night) 250 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Big Winner is charging $300 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Big Winner rooms per night to rooms per night. Therefore, the income elasticity of demand is from , meaning that hotel rooms at the Big Winner are good. If the price of an airline ticket from YYZ to LAS were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at…

In this problem, p is in dollars and q is the number of units.Suppose that the demand for a product is given by  (p + 7)   q + 6  = 1120. (a) Find the elasticity when  p = $33.  (Round your answer to two decimal places.)(b) Tell what type of elasticity this is. Demand is elastic.Demand is inelastic.     Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An increase in price decreases revenue.     Revenue is unaffected by price.

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PRICE (Dollars per unit) 350+ 225 175) 50 0 Region Between Y and Z Between W and X Between X and Y Z True False X 28 36 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. I 56 W Demand True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. Elastic Inelastic Unit Elastic

Elasticity and Revenue ($) Price 9 87854 6 GRAPH P₁ 3 2 1 0 10 20 30 40 50 60 70 80 90 Quantity (per week) SETTINGS Demand More Inelastic Reset More Elastic ($) Expenditure 100 1 90 80 70 60 50 40 30 20 10 P₁ TR 0 10 20 30 40 50 60 70 80 90 DATA Quantity (per week) Demand: P = $6.00 - 0.100(Qd) Retu

(c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve for the bast will be p = 250 − q/4 . If price elasticily is E(p) = dq/q ÷ dp/p . When |E(p)| < 1, demand is inelastic and when |E(p)| > 1, demand is elastic. (i) Find the price elasticity of demand for Lara′ s bats. (ii) Is demand inelastic or elastic?

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When can a deadweight loss be greatest? (a) Supply is elastic, and demand is perfectly inelastic (b) Demand is elastic, and supply is perfectly inelastic (c) Both supply and demand are relatively inelastic (d) Both supply and demand are relatively elastic

Which of the following is the correct definition of price elasticity of demand? (a) The percentage change in the quantity demanded divided by the percentage in income. (b) The percentage change in price of a good divided by the percentage change in the quantity demanded of that good. (c) The percentage change in income divided by the percentage change in the quantity demanded. (d) The percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.

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-x 230. If the demand Curve is the form of P= 10e ? where P is the price and x is the demand, what is the Price elasticity of Demand? (a) Kx (b) 는 (c) 5x (d) None

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first options: increases or decreases second options: $8,000 $2,000 $6,000   Note:-   Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Consider a town in which only two residents, Jacques and Kyoko, own wells that produce water safe for drinking. Jacques and Kyoko can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 6.00 0 0 5.50 45 $247.50 5.00 90 $450.00 4.50 135 $607.50 4.00 180 $720.00 3.50 225 $787.50 3.00 270 $810.00 2.50 315 $787.50 2.00 360 $720.00 1.50 405 $607.50 1.00 450 $450.00 0.50 495 $247.50 0 540 0     Suppose Jacques and Kyoko form a cartel and behave as a monopolist. The profit-maximizing price is   per gallon, and the total output is   gallons. As part of their cartel agreement, Jacques and Kyoko agree to split production equally. Therefore, Jacques's profit is   , and Kyoko's profit is   .   Suppose that Jacques and Kyoko have been successfully…

4) A new vaccine against deadly disease has just been discovered. Presently, 55 people die from the disease each year. The new vaccine will save lives, but it is not completely safe. Some recipients of the shots will die from adverse reactions. The projected effects of the inoculation are given in the accompanying table: % of population Total deaths Total deaths Marginal benefit of Marginal cost of inoculation inoculated due to disease due to inoculation inoculation 55 10 45 20 36 30 28 3 40 21 6. 50 15 10 60 10 15 70 20 80 3 25 90 30 100 35 Calculate MB and MC of inoculation. What proportion of the population should optimally be inoculated?

Arc elasticity of demand = -2.5

If market price is $1000, see images below:

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Price (dollars) 8 7 D. 5 10 15 20 25 30 35 Quantity (units per year) In the figure above, when the price falls from $8 to $7, total revenue A) decreases from $210 to $120 so demand is inelastic. B) increases from $120 to $210 so demand is inelastic. C) decreases from $210 to $120 so demand is elastic. D) increases from $120 to $210 so demand is elastic. 6

Consider a town in which only two residents, Raphael and Susan, own wells that produce water safe for drinking. Raphael and Susan can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 3.60 0 0 3.30 35 $115.50 3.00 70 $210.00 2.70 105 $283.50 2.40 140 $336.00 2.10 175 $367.50 1.80 210 $378.00 1.50 245 $367.50 1.20 280 $336.00 0.90 315 $283.50 0.60 350 $210.00 0.30 385 $115.50 0 420 0     Suppose Raphael and Susan form a cartel and behave as a monopolist. The profit-maximizing price is _______   per gallon, and the total output is __________   gallons. As part of their cartel agreement, Raphael and Susan agree to split production equally. Therefore, Raphael's profit is   , and Susan's profit is ___________   .   Suppose that Raphael and…

2. PR sells phones for £400 and has observed a recent drop in sales from 1,500 units a month, reducing its revenue by £120,000. This has occurred because a competitor has just reduced its price by 20%. PR wants to restore its sales volume to its previous level, and has estimated its price and cross elasticities at -1.4 and 0.8 respectively. The phones have a marginal cost of £280. a) Calculate the sales level of PR after the reduction in the competitor's price, assuming PR maintains its price. b) Calculate the necessary price for PR to charge to achieve its objective, assuming the competitor's price reduction. c) Calculate the effects of the decisions in a) and b) above on profit compared with the original profit before the drop in sales. Which is the better decision?

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Consider a town in which only two residents, Larry and Megan, own wells that produce water safe for drinking. Larry and Megan can pump and sell as much water as they want at no cost. For them, the total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 6.00 0 0 5.50 45 $247.50 5.00 90 $450.00 4.50 135 $607.50 4.00 180 $720.00 3.50 225 $787.50 3.00 270 $810.00 2.50 315 $787.50 2.00 360 $720.00 1.50 405 $607.50 1.00 450 $450.00 0.50 495 $247.50 0 540 0     Suppose Larry and Megan form a cartel and behave as a monopolist. The profit-maximizing price is ______ per gallon, and the total output is_____ gallons. As part of their cartel agreement, Larry and Megan agree to split production equally. Therefore, Larry's profit is _____, and Megan's profit is_____.   Suppose that Larry and Megan have been successfully…

Homework (Ch 05) The following graph shows the daily demand curve for bikes in Miami. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. ? 300 275 250 225 200 175 150 A 125 100 75 50 25 77°F Sunny PRICE (Dollars per bike) B Demand a Total Revenue 21 St

Sherwin-Williams Company Data Sales Sales Selling Price (P) (GHS/Gallon) 15 Region (Q) 160 1. 2. 220 140 190 13.5 3. 16.5 145 130 17 160 200 16 7 13 150 18 210 12 10 190 15.5 Required: a. Specify the lincar demand model for Sherwin-Williams' paint. b. Estimate the demand function for Sherwin-Williams' paint. c. Give an economic interpretation of the estimated intercept and slope cocfficients.